MUMBAI: Export of diamonds from India to the US has nearly halved after President Trump slapped a 50% tariff on the country, plunging the industry into a crisis, said Al Cook, CEO at De Beers Group, adding that there hasn’t been a large scale “relocation” of Indian industry to other countries, though, as stakeholders are hopeful of a trade deal between India and the US.“We just need to see the right time, right place and right politics for that (deal) to happen. The good news is that the US has announced that once there’s a deal, there will be a 0% tariff on natural diamonds. People do expect tariffs to end,” Cook said here.London-based De Beers Group which owns the Forevermark diamond brand supplies rough diamonds to several Indian partners who then cut and polish them here and export to the US. “The US put 50% tariffs on India and that’s challenging for the diamond industry because if you have got 90% of the world’s diamonds cut and polished in India and 50% of the world’s diamonds bought in America, that’s a huge market,” said Cook who met commerce minister Piyush Goyal.In 2024, total diamond exports from India stood at about $13 billion of which about 50% was shipped to the US, Cook said.A growing economy, expanding middle class which is willing to spen d more helped by higher disposable incomes, a new crop of high earning consumers and India’s love for jewellery will allow the country to retain its place as the second largest market for natural diamond consumption after the US, said Cook as the company launched its largest global flagship Forevermark store in Mumbai this week.Demand for natural diamonds grew 11% in India last year which overtook China where a declining rate of marriages—down by about 50% over the last decade has crippled sales of (diamond) engagement rings, said Cook. “In the short-term, we see stronger growth in India. It is just one of the most important countries on the earth right now and certainly, one of the most important countries in the diamond industry,” said Cook under whose watch, the company is localising offerings for Indian shoppers. More women are now buying diamond jewellery for themselves and taking to everyday pieces, a trend Forevermark is betting on with a target to close 2026 with 25 stores.

US President Donald Trump announced on Truth Social that he is taking steps to ban large institutional investors from buying single‑family homes in US. The MAGA chief said he will also ask Congress to codify the measure and plans to discuss broader housing and affordability proposals during his upcoming speech at the World Economic Forum in Davos.“For a very long time, buying and owning a home was considered the pinnacle of the American Dream. It was the reward for working hard, and doing the right thing, but now, because of the Record High Inflation caused by Joe Biden and the Democrats in Congress, that American Dream is increasingly out of reach for far too many people, especially younger Americans,” Trump posted.Trump and some conservative supporters argue that large investors buying homes for rent have reduced availability for ordinary buyers and pushed up prices and rents. This has frustrated potential homebuyers, particularly younger Americans trying to enter the market.Large institutional investors include private equity firms, real estate investment trusts, and major asset managers such as Blackstone and Cerberus that purchase residential properties to lease. Trump’s announcement targets these large players.The market reacted quickly to this update, with shares in companies heavily involved in single‑family rentals, including Blackstone, Invitation Homes, and American Homes 4 Rent, falling sharply after the announcement. Details on how the ban would be enforced have not yet been clarified.Despite the focus on institutional investors, data suggests they own a relatively small portion of the market. Blackstone has reported that such investors currently own about 0.5 percent of all single‑family homes in the US. According to a 2022 report from the US Government Accountability Office, investors owning 1,000 or more properties accounted for only 2–3 per cent of single‑family rental homes. Most investor-owned properties are held by smaller landlords who own between one and five homes, representing around 85 per cent of investor-owned homes.According to data provided by Newswire and Housingwire, Investor activity varies across the country and over time. Reports indicate that investors purchased nearly one-third of all single-family residential properties sold in mid‑2025, influenced by high mortgage rates and affordability challenges for traditional buyers. Out-of-state investors also remain active, accounting for around 5.56 per cent of single-family home purchases in 2025.The GOP leader said the ban is intended to make housing more affordable and protect the idea that “people live in homes, not corporations.”

NEW DELHI: As Indian and European negotiators enter what is seen to be the final rounds of talks for a free trade agreement (FTA), the local auto companies are wary of Chinese electric vehicles using European Union as a gateway to enter the domestic market at lower duty.As a result, auto players have demanded that govt negotiate the agreement in such as way that if needed, only high-end EVs are allowed into the country — with a high price threshold and in limited numbers — while also insisting on a high level of value addition, which could be 50% or more, people familiar with the deliberations told TOI.In the trade deal with the UK, which was signed last year, govt had protected EVs but the auto industry also realises that there are trade-offs to be made for a successful outcome.

Industry Wary Of Chinese Cos Bringing Electrics Through Europe At A Lower Duty

The worry, however, is bigger in the case of the European Union, given that some of the Chinese companies could use member nations of the trading bloc to locate assembly units and ship goods to India, taking advantage of the duty benefit. Some of the Chinese companies that have been hovering around have not been able to set up shop in the country due to checks on FDI and have been relying on imports to sell in the Indian market. “We are seeing Indian companies work hard on EVs and also move up the value chain. It is important to protect them at this time so that we have a strong eco-system for green vehicles before it is opened up to competition,” said an industry executive.Several global majors, including the likes of Tesla, Mercedes and BMW, are expected to use their European facilities to export EVs to India, a large and growing market where govt is also keen on a transition to green fuel. While Tesla is currently importing its vehicles from its Chinese facilities, lower tariffs are expected to result in shipments from the company’s German plant.The Centre’s scheme to allow lower duty import of electric cars for a limited period in return for investment in three years saw no response as some of the auto makers are waiting for the trade deals to be finalised before taking a call on their plans.

Goyal seeks investment from Liechtenstein

Commerce and industry minister Piyush Goyal on Wednesday invited companies from Liechtenstein to invest in India and leverage the India-EFTA trade pact to expand their presence. India and the four-nation European bloc EFTA implemented a free trade agreement last year. Goyal was in Liechtenstein for an official visit.

NEW DELHI: The latest GDP numbers at current prices will provide cheer to the Centre’s budget team as it works out the final set of numbers for the current fiscal year.Although the nominal GDP growth was estimated at 8%, slower than the 10.1% assumed at the time of presenting the budget, the latest data released by the National Statistics Office on Wednesday estimated full year GDP at Rs 3,57,13,886 crore, marginally higher than the Centre’s projection of Rs 3,56,97,923 crore.

Sticking To Receipts, Spending Projections Seen Holding Key

The Centre had budgeted for a fiscal deficit of Rs 5,23,846 crore, or 4.4% of GDP. Based on the NSO’s first advance estimate, it will be marginally lower, provided govt is able to stick to its receipts and expenditure projections.While the tax revenue growth has been weak, there is support from higher dividend transfer by RBI to govt. Moreover, in the fiscal year so far, govt has gone slow on revenue expenditure, while strongly pushing capital expenditure.What complicates matters is the slower growth in nominal GDP due to low inflation that will have a bearing on taxes.“While the tax revenue growth has been weak, there is support from higher dividend transfer by RBI to govt. Moreover, in the fiscal year so far, govt has gone slow on revenue expenditure, even while strongly pushing the capital expenditure,” added Rajni Sinha, chief economist at CareEdge.In the last budget, finance minister Nirmala Sitharaman had announced direct tax cuts and yet budgeted to stick to the deficit reduction plan. But the move to reduce GST rates on 375 items is expected to impact collections, both for the Centre and the states.Sitharaman has, however, stuck to her deficit targets in the post-Covid period, giving analysts hope that this year’s revised estimates will be no different.“Nominal growth, on the other hand, will be softer at 8% this fiscal compared with 9.8% in fiscal 2025. The gap between real and nominal GDP growth estimates, at 0.6 percentage point, is at its lowest level in the 2011-12 series. The lower nominal GDP growth puts some pressure on deficit targets as these are measured as a percentage of nominal GDP,” ratings agency Crisil said in a note.

Denver Nuggets’ Nikola Jokic and Boston Celtics’ Jayson Tatum (Image via Getty)

The Denver Nuggets play the Boston Celtics on January 7, 2026, at TD Garden. Both teams are near the top of the standings, with Denver at 24-12 and Boston at 23-12. On paper, this looks like a marquee matchup. In reality, it will be shaped by who is not on the floor.Denver will be without Nikola Jokic, and Boston will not have Jayson Tatum. With both stars out, this game shifts away from star power and toward rotations, matchups, and execution. It becomes a test of depth rather than a showcase of MVPs.

Denver Nuggets vs Boston Celtics Injury report and roster impact (January 7, 2026)

Jokic is sidelined with a left knee bone bruise. Denver Nuggets are also missing Cam Johnson (right knee bone bruise), Jonas Valanciunas (right calf strain), and Tamar Bates (left foot surgery). The Nuggets’ availability is further clouded by several questionable tags: Jamal Murray (left ankle sprain), Aaron Gordon (right hamstring strain), Christian Braun (left ankle), and Tim Hardaway Jr. (illness).Boston Celtics’ list is shorter but still significant. Tatum is out with an Achilles issue, and Josh Minott is sidelined with an ankle injury. That leaves Boston leaning heavily on its remaining starters and guard rotation.

Denver Nuggets vs Boston Celtics Broadcast and viewing details (January 7, 2026)

Tip-off is set for 7 p.m. ET. The game will air nationally on ESPN. Local coverage is available on NBC Sports Boston and ALT/KTVD. Streaming options include Fubo and other NBA-approved platforms.

Team stats snapshot

Denver scores more than anyone in the league but allows points at a high rate. Boston scores less but defends at an elite level.

Players who matter most

If he plays, Murray carries Denver Nuggets’ offense. He averages 25.4 points and 7.2 assists and shoots 44.7 percent from three. Gordon adds 18.9 points and 5.9 rebounds, while Peyton Watson has averaged 12.2 points with an expanded role.For Boston Celtics, Jaylen Brown leads the way at 29.6 points and 6.3 rebounds. Derrick White and Payton Pritchard provide steady scoring and spacing from the backcourt.

Denver Nuggets vs Boston Celtics Matchup history and outlook

The teams have split their last four meetings, though Boston won both games in 2025. Denver games have often gone over the 233.5 total, and the combined scoring averages sit well above that line. Boston is favored at home, but Denver’s 14-7 road record suggests a close game. A narrow Celtics win, around 120-115, fits the matchup without either team’s top star.

Representative image (PTI Photo)

JAMMU: A gun battle broke out between security forces and terrorists in the forests in the upper reaches of Billawar, in J&K’s Kathua district, on Wednesday, where a group of two-three ultras was suspected to be hiding. Around 4pm that evening, locals had reported spotting a terror suspect in Kamad Nallah area.“On being alerted, a joint team of security forces, including SOG Kathua and CRPF personnel, rushed to the area and launched a massive search operation. Holed-up terrorists opened fire at the search party, triggering an encounter. As the firefight erupted, the ultras ran into the forest,” an official said.IGP (Jammu Zone) Bhim Sen Tuti, in an X post, stated that the troops were relentlessly engaging the terrorists despite “darkness, thick vegetation and treacherous terrain”. Officials said the area had been cordoned off. The operation remained in progress till late Wednesday.Earlier this month, a village defence guard (VDG) fired warning shots in the air on Jan 2, upon observing suspicious movement near his house in Dessa village, Doda district, following which security forces launched an anti-terror operation in the area. On Dec 31, 2025, a similar operation was carried out in Dali village in Rajouri district’s Kalakote area based on a VDG’s report about suspicious movement.A string of counter-terror operations has been underway in the upper reaches of Doda, Kishtwar and Ramban districts in Chenab region, and the border areas along Udhampur and Kathua districts, to track and kill ultras on the move. Such operations were also continuing in the two frontier districts of Rajouri and Poonch, and Reasi district, which shares a border with Rajouri-Ramban in Jammu division and Kulgam in south Kashmir.

LONDON: Heavily armed US military planes have been landing in Britain since Saturday, suggesting America is preparing for further military operations following the capture of Venezuela’s President Maduro and his wife Cilia Flores in a weekend raid.A fleet of at least 14 C-17 Globemaster III cargo jets and at least two armed AC-130J Ghostrider gunships have landed at RAF Fairford in Gloucestershire, and RAF Mildenhall and RAF Lakenheath in Suffolk, since Saturday.The 174-f00t-long Globemaster is designed to transport most military vehicles and paratroopers. The Ghostrider carries cannon, bombs and missiles.At least five MH-60M Black Hawk helicopters and one MH-47G Chinook, thought to have been carried on the Globemaster, have been spotted in British hangars. An American KC-135R Stratotanker military aerial refuelling plane landed in Mildenhall on Tuesday.Some of the aircraft took off from Hunter Army Airfield in Georgia and Fort Campbell in Kentucky, home to the US Army’s 160th Special Operations Aviation Regiment, nicknamed the Night Stalkers, which played a key role in capturing Maduro and took part in the mission to capture Osama bin Laden in Pakistan.Special operations soldiers were seen rappelling from two CV-22B tilt-rotor Osprey aircraft in a fast-rope and rescue exercise at RAF Fairfield on Tuesday.An MoD spokesperson told TOI: “As routine, we do not comment on the operational activity of other nations, including third party use of UK bases. The US is the UK’s principal defence and security partner. The depth of our defence relationship with the US remains an essential part of our security.”A spokesman for the UK PM said: “I’m not going to comment on speculation around operational activity, especially regarding other nations. The US is the UK’s most important defence and security partner.”It is possible the military build-up was in order to seize the Russian-flagged oil tanker Marinera, until recently known as the Bella-1, in the North Atlantic on Wednesday after it slipped through a US naval blockade of Venezuela. President Trump has also threatened to seize Greenland by force, to attack Iran if the regime’s forces kill demonstrators, and made threats against Colombia and Mexico.The US operates in the UK under a range of national and international agreements, principally the Nato Status of Forces Agreement and the Visiting Forces Act. Any US operation from a base in the UK is considered on a case-by-case basis.

US secretary of state Marco Rubio on Wednesday said the United States has a “three-fold process” planned for Venezuela following the removal of President Nicolás Maduro, outlining steps focused on stabilisation, recovery and political transition.“We have a three-fold process in Venezuela,” Rubio told reporters after briefing lawmakers on Capitol Hill. He said the first phase would focus on stabilising the country to prevent chaos.“Step 1 is the stabilisation of the country; we don’t want it descending into chaos. Part of that stabilisation, and the reason why we understand and believe that we have the strongest leverage possible is our quarantine. Two more ships were seized today. We are in the midst right now and about to execute on a deal to take all the oil – they have oil that is stuck in Venezuela. They can’t move it because of our quarantine and because it’s sanctioned,” he said.Rubio said the US is preparing to take between 30 and 50 million barrels of Venezuelan oil that remains stranded due to sanctions.“We are going to take between 30 and 50 million barrels of oil. We are going to sell it in the market place at market rates, not at the discounts Venezuela was getting. That money will then be handled in such a way that we will control how it is dispersed ” he said, further adding that the proceeds would be managed in a way “that benefits the Venezuelan people.”The second phase, Rubio said, would focus on economic recovery and reconciliation ensuring fair access for American, Western and other companies to Venezuela’s market sector.“The second phase will be a phase of what we call recovery – ensuring that American, western and other companies have access to the Venezuelan market oil that is fair, also at the same time, we begin to create the process of reconciliation nationally within Venezuela so that the Opposition forces can be released from prisons or brought back to the country, and we begin to rebuild civil society,” he said.“The third phase will be one of transition,” Rubio added, noting “some of these will overlap, I have described this to them in great detail. We will have more detail in the days to follow but we feel like we are moving forward here in a very positive way.”Further on the Greenland crisis, Rubio said he plans to meet Danish officials next week, amid renewed assertions by the Trump administration that the US intends to acquire the strategic Arctic island. “I will be meeting them (Government of Denmark) next week,” he said, adding, “I am not here to talk about Denmark or military intervention… We will have those conversations with them then.”Rubio said the administration’s preference was to eventually purchase Greenland rather than use force. He also told reporters that Trump has spoken about acquiring Greenland since his first term. “That’s always been the president’s intent from the very beginning,” he said, adding that Trump was “not the first US president that has examined or looked at how we could acquire Greenland.”